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Fresh Cycle Lows

EURUSD TECHS
  • RES 4: 1.0852 High Apr 22
  • RES 3: 1.0758 Low Apr 14 and a recent breakout level
  • RES 2: 1.0642/43 High May 5 / 20-day EMA
  • RES 1: 1.0529 Intraday high
  • PRICE: 1.0394 @ 16:50 BST May 12
  • SUP 1: 1.0384 Low May 12
  • SUP 2: 1.0341 Low Jan 3 2017 and a key support
  • SUP 3: 1.0333 1.236 proj of the Feb 10 - Mar 7 - 31 price swing
  • SUP 4: 1.0318 2.0% 10-dma envelope

EURUSD has traded to a fresh cycle low Thursday, clearing support at 1.0472 in the process. The break lower confirms a bear flag breakout and a resumption of the primary downtrend. This also maintains the bearish price sequence of lower lows and lower highs. Moving average studies remain in a bear mode set-up, highlighting current market sentiment. The focus is on 1.0341 next, the Jan 3 2017 and key support. Resistance has been defined at 1.0642, the May 5 high.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsForeign Exchange Bullets

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